Firstly, Being a student, look at your time schedule. what kind of business can you manage with classes,studies, examinations etc?
Important ::: Can you work all weekends? thats when people spend the most and businessmen make money !
Secondly, know your own personal qualities...
Confidence: ways to start a conversation,
sharp money wise: calculate loss/profit in 2 seconds in your head when customer gives you an offer
Customer Grabbing : put a deal to customer that benefits you both
Cool head: with all customers even those who waste your time and talk stupid stuff.
Patience: some day sales will be 10000 Rs , some days just 100 Rs.
The above mentioned are required qualities.
If you have other qualities then list them and think of the best business that you grow with your own qualities.
Most important question, can you sell something? e.g can you sell a bread to the person who just comes to buy a toffee from your shop or doesnt want to buy anything and is just standing outside your shop? Thats what salesmen do. They sell something to you that you dont even need but they make u think that you need it and so u buy it !
After you know your timing schedule and qualities, next is "expenses" including license, registration (where required) apart from fuel, electricity, inventory etc expenses.
Then comes Return of Investment. How fast will you generate back the money which you have invested. easy example. real estate can be easily bought but can take time to sell off, so can a car. However, selling biryani/ fries can bring daily sales and profits.
The difficult part in business is getting out payment from customers pocket !
Now analyzing the business mentioned by people so far:
- Biryani/ Biryani Ka thela/potato fries/cold drinks
Buy a thela.You will need to probably pay for the place where you will need to place the thela in a market or road. If you dont pay the council, you will need to pay the police who will let u stand without trouble then. how will u attract customers if u have competition, you will need to hire employees who will run and take orders, more kharcha. All in all, more headache than profit. what happens during your exams?
Bear in mind, selling on streets is not easy, getting payments can be dodgy sometimes. Some people(you know who) will eat for free !
However, start a catering service at home by preparing at home and advertise online and start selling in streets around you, especially to students in hostels. You will need to buy disposable plates, spoons etc.
- Mobile accessories/ easy load booth/ Helmet/glasses/key duplicate/perfumes/car accessories
ideas are good. you will need to rent out a place. lower rent will be on first floor or towards the back side of a shopping complex. so attracting customers will be difficult unless you sell real cheap. In 1-2 lacs budget, you need a marvellous place to get your investment back in first 3-4 months.
If you have exams, u will still need to pay rent and electricity. If you keep shop closed during weekends, you will not make money. Need to be at shop almost 16 hours a day to make money. 7am to 11pm Roughly.
- Getting stuff from abroad and selling it.
Find the item which people prefer, e.g. mobile phone/laptop/tab etc and the buying cost should be very cheap, like throwaway price. For this your relative may also do some searching abroad and i dont know about ur family or friends, but you may need to give them some commission or something for all the fuel and time they spent in buying the product for u.
Defective item may take time to sell. your relative/friend needs to be very sharp in picking the right stuff from abroad.
- Coaching center.
Yes it makes good money but you need a great place and above all wonderful teachers including yourself. major expense is rent and salary. Furniture is one time. Co-ed will be good but consider the parents requirements for separate gender classes.The main gate will be a dating spot whether you like it or not.
Payment by students is not a hassle, no one to bother even like cops/council etc. You may need a license.
Major problem is when a teacher becomes absent or quits. You will need to negotiate salaries maybe after every 6 months so you need contracts.
Low fee will attract students.
depending upon place, you may need to start with 2-3 rooms so calculate rent as rents are different according to locations in lahore and salary of 1-2 teachers as well as electricity.
You dont need to be on premises for more than 2-3 hours everyday.
- Gaming Zone/Internet cafe.
The location is key to your business. Initial investment can be low depending which systems you buy. Bear in mind, all sorts of category of clients will come to play games and use internet. You may need security and yes people can fight in such places so get insurance.
who will sit when u r in college/uni?
- Birds Breeding/Dog breeding.
You need a good place to keep these animals. Feed them everyday. get them vaccinated by vet, clean their cages. Death means investment gone, especially by virus or contagious disease. profit margin on rare types of birds is excellent. Its easy coz ur a student, can give some time everyday to animals.
- Transport Business.
badmashi wala kaam hay. You need contacts in schools who will refer parents to you. Vehicle wear/tear, punctures/fuel cost and above all children safety and lastly insurance claims and traffic fines will be what you will be dealing with. An old vehicle will give issues and will be standing at mechanic mostly, new is expensive.
Police makes money from transporters though not from school vans usually but other commercial vehicles. can you drive for 8 hours a day during exams?
Lastly, if i was at your place. I would buy cheap mobiles, advertise on FB, Olx, PW etc and sell from home and make money. No expense except the price of mobile.
